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Hi-tech firms pay 1.5b yuan as insurance premium

By Zhao Tingting and Zhang Ran (chinadaily.com.cn)
Updated: 2009-03-20 16:38

China's insurance premium from hi-tech companies reached 1.5 billion yuan last year. Insurance coverage for hi-tech firms hit 60 billion yuan and the compensation was 1.2 billion yuan, Wang Weizhong, an official from the Ministry of Science and Technology said on Friday at a conference in Beijing.

The ministry and the China Insurance Regulatory Commission together launched a pilot program to provide insurance to hi-tech firms at the end of 2006. The program, aimed to support China's hi-tech research and development, has so far covered hi-tech firms in 12 cities.